When the need for financing comes, it becomes crucial to find a reputable business funding or merchant loan provider to turn to. What’s a merchant loan? Where to find the right merchant loan provider? Just read below to get answers to these questions.
Getting a Merchant Loan: How and From Where?
First of all, the important thing is not just get any financing. The important thing is to get the right kind of financing that can best fit the specific needs of your business. Getting the right kind of business financing can be a challenge especially for high risk merchants.
Like any type of funding, the right one will be based on your own specific business needs. When applying for a business loan, be sure to consider several important factors. These include revenue, cash flow, goals, and risks associated with your business.
Unlike a traditional bank loan, it’s usually easier to qualify for a merchant loan. Also, it’ll require a quicker turnaround time, which can’t be said about a bank loan. The latter also has a longer turnaround time, which may last even months. Besides, merchant loans are typically more flexible since they technically aren’t actually loans.
All these and other significant features make merchant loans from alternative online lenders the preferred choice for so many business owners all over the world. With a reputable business funding provider like First American Merchant, you can get exceptional terms for a merchant loan.
Beyond that, FirstAmericanMerchant.com offers the lowest possible rates in the marketplace. Apart from alternative online loans, FAM offers unique payment processing services to merchants of any type and size. Just read below and you’ll learn more.
First American Merchant Funding: Benefits
FAM’s business funding programs allow you to receive money within 72 hours. Moreover, the funding payments will automatically be taken from your credit card transactions. You won’t be charged fixed monthly payments. Thus, you’ll avoid any hassle associated with this process.
First American Merchant offers high approval rates for merchant cash advances (MCAs). FAM looks at your business performance rather than your personal credit, time in business or financials. Also, with FAM, you can enjoy easy collections. FAM gets paid when you get paid.
Now, let’s look at different types of business funding that you can get from First American Merchant.
First of all, let’s consider a merchant cash advance, which has become an immensely popular type of business funding in recent years. If you draw a parallel between an MCA and small business funding, you’ll have the following:
Merchant Cash Advance
- Credit scores less than 500 get approval
- Funds are available within 72 hours
- Simple and flexible
- No tax returns or financials
- Fast and hassle-free application process
Small Business Funding
- Strict credit requirements
- Longer wait times
- Complicated contracts
- Extensive lots of paperwork
- Lower approval rates
ACH Program
FAM’s popular ACH funding program is also known as “Bank Only” funding. This is an opportunity to get business financing even if you lack a merchant account. To be eligible, your FICO score must be 500. Your time in business must be 6 months. You must have 10k in gross monthly deposits, as well as less than 3 NSF’s per month.
High Risk Business Funding
First American Merchant specializes in the high risk field and knows high risk merchants’ problems best of all. FAM boasts years of experience and flexibility high risk merchants need.
Consumer Financing
What First American Merchant hears so often from merchants has to do with “90 days same as cash” program for customers. FAM has developed a consumer financing solution that offers merchants an unprecedented opportunity for growth.
As a result, customers can get financed by just having a personal checking account. Customers will just need to answer a few questions that merchants enter into a credit card processing terminal. Then, they’ll get an authorization number or a decline. Once approved, customers will have monthly payments automatically debited from their checking account. The interest rate will be charged due to the given business type.
Almost all small business owners need financing at some point in time. All you need is to take into account your specific business wants and needs and find a reputable funding provider that’s the best fit.